The introduction of a New Year will often mean that we look for new things to pop into our lives over the course of the next 12 months.
One such thing might be making an investment in the form of a buy to let property.
Whilst it may seem straightforward (you buy a property and rent it out) here at Ezylet we know that there are many different things to think about when it comes to the process.
We have put together some specific guides for different aspects of buy to let investments; however this article is hoping to give you a snapshot of the overall process of buying a property that you then let out to tenants.
Buy to let rather than buy to sell
Sounds complicated, but essentially it is important to look at a property that you wish to buy as a rental investment month by month rather than how much the value of the property will rise during the time that you own it.
This is particularly influenced in by the area that you live in; as some parts of the country can provide you with a steady income from rent but see no change to the value of the house should the time come to sell it.
Make sure that you get the very best deal
When you do find the ideal property for you to invest in it is always a good idea to try and get the best deal you can on the price.
Be stubborn and stick to your budget otherwise you could overspend which results in making a loss rather than a profit.
Research the area thoroughly
Always make sure that you plan in time to check the average rent charged for properties like yours in the area. This is a vital step in making sure that you are not only charging a fair price to your tenants but also one that is going to make you some profit too.
Do the paperwork and learn the industry
It might seem like the dullest part, but making sure that you have read through all the paperwork associated with buying and renting. It is key when becoming a landlord, even to just one property that you understand the legislation and how it affects you as well as being up to date with any changes.
So should you do it?
Buy to let properties are a great investment and if you take the time to really research and check every step of the process then you are likely to see a great source of income for you to perhaps build your very own landlord business.
And what better way is there to start a New Year then with a plan to end it with a fantastic investment?